China is pursuing the interest of exploiting Afghan raw material deposits. However, China will not send troops to Afghanistan to secure "peace and stability".

In the event of renewed capital outflows, developing and emerging economies with robust political structures will best weather a new taper tantrum.

With Westlessness in West and East, China will run away from the West. Unfortunately, international finance capitalism is also participating in the erosion of the West's success factors.

The social market economy had already lost its substantive power before the Corona crisis. Now it has finally been replaced by the insurance state. The predetermined breaking point is the monetary system.

Asset prices for private German households have risen sharply in the last four quarters. Real estate prices in particular recorded the strongest increase since the start of the time series in 2005.

Profitability, low financial risk, and efficient capital allocation characterize owner-controlled companies. In the last decade, they generated an annual excess return of 3.2%.